Recessions and Financial Disruptions in Emerging Markets: A Bird´s Eye View.

This paper provides an overview of the implications of recession and financial disruption episodes in emerging markets. We report three major findings. First, compared to advanced countries, recessions and financial disruptions in emerging markets are often more costly. Second, recessions associated with financial disruption episodes, such as credit crunches, equity price busts and financial crises, tend to be deeper than other recessions in emerging markets. Third, the temporal dynamics of macroeconomic and financial variables around these episodes in emerging markets are different than those in advanced countries. In light of these broad observations, the paper provides a review of recessions and financial market disruptions in Chile

Does Openness to International Financial Flows Contribute to Productivity Growth?

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its effects on productivity growth. This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The effect of de facto financial integration on TFP growth is less clear, but this masks an important and novel result. We find strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively correlated with TFP growth. The negative relationship between external debt liabilities and TFP growth is attenuated in economies with higher levels of financial development and better institutions.foreign direct investment, external assets and liabilities, capital flows, capital account liberalization, financial openness, portfolio equity, debt, total factor productivity

Growth and Volatility in an Era of Globalization

We extend the analysis in Kose, Prasad, and Terrones (2005) to provide a comprehensive examination of the cross-sectional relationship between growth and macroeconomic volatility over the past four decades. We also document that while there has generally been a negative relationship between volatility and growth during this period, the nature of this relationship has been changing over time and across different country groups. In particular, we detect major shifts in this relationship after trade and financial liberalizations. In addition, our results show that volatility stemming from the main components of domestic demand is negatively associated with economic growth. Copyright 2005, International Monetary Fund

The Changing Legal Framework for Resolving the Debt Crisis: A European\u27s Perspective

WOS: 00020289360234

Compressive sensing using the modified entropy functional

Cataloged from PDF version of article.In most compressive sensing problems, 1 norm is used during the signal reconstruction process. In this article, a modified version of the entropy functional is proposed to approximate the 1 norm. The proposed modified version of the entropy functional is continuous, differentiable and convex. Therefore, it is possible to construct globally convergent iterative algorithms using Bregman’s row-action method for compressive sensing applications. Simulation examples with both 1D signals and images are presented. © 2013 Elsevier Inc. All rights reserved

Special issue on microscopic image processing

Cataloged from PDF version of article

Global Recessions

The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global GDP contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity. The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions. As the epicenter of the crisis, advanced economies felt the brunt of the recession. The subsequent expansion has been the weakest in the post-war period in advanced economies as many of them have struggled to overcome the legacies of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession relatively well and delivered a stronger recovery than after previous global recession

Global Recessions

The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global GDP contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity. The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions. As the epicenter of the crisis, advanced economies felt the brunt of the recession. The subsequent expansion has been the weakest in the post-war period in advanced economies as many of them have struggled to overcome the legacies of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession relatively well and delivered a stronger recovery than after previous global recession

3D Model compression using Connectivity-Guided Adaptive Wavelet Transform built into 2D SPIHT

Cataloged from PDF version of article.Connectivity-Guided Adaptive Wavelet Transform based mesh compression framework is proposed. The transformation uses the connectivity information of the 3D model to exploit the inter-pixel correlations. Orthographic projection is used for converting the 3D mesh into a 2D image-like representation. The proposed conversion method does not change the connectivity among the vertices of the 3D model. There is a correlation between the pixels of the composed image due to the connectivity of the 3D mesh. The proposed wavelet transform uses an adaptive predictor that exploits the connectivity information of the 3D model. Known image compression tools cannot take advantage of the correlations between the samples. The wavelet transformed data is then encoded using a zero-tree wavelet based method. Since the encoder creates a hierarchical bitstream, the proposed technique is a progressive mesh compression technique. Experimental results show that the proposed method has a better rate distortion performance than MPEG-3DGC/MPEG-4 mesh coder. © 2009 Elsevier Inc. All rights reserved

Entropy-Functional-Based Online Adaptive Decision Fusion Framework with Application to Wildfire Detection in Video

Cataloged from PDF version of article.In this paper, an entropy-functional-based online adaptive decision fusion (EADF) framework is developed for image analysis and computer vision applications. In this framework, it is assumed that the compound algorithm consists of several subalgorithms, each of which yields its own decision as a real number centered around zero, representing the confidence level of that particular subalgorithm. Decision values are linearly combined with weights that are updated online according to an active fusion method based on performing entropic projections onto convex sets describing subalgorithms. It is assumed that there is an oracle, who is usually a human operator, providing feedback to the decision fusion method. A video-based wildfire detection system was developed to evaluate the performance of the decision fusion algorithm. In this case, image data arrive sequentially, and the oracle is the security guard of the forest lookout tower, verifying the decision of the combined algorithm. The simulation results are presented